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Outlook on the Real Estate Appraisal Market in the United States to 2028 - Technology Penetration in the Appraisal Industry and Rising Addressable Mortgage Origination Drives Growth
Thursday, February 9, 2023
DUBLIN, Feb. 1, 2023 /PRNewswire/ -- The "The US Real Estate Appraisal Market: Analysis and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
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The US real estate appraisal market was valued at US$8.89 billion in 2022 and is expected to be worth US$11.41 billion in 2028.
Real estate appraisal is the process of determining the value of a property. It is typically performed by licensed or certified professionals, known as appraisers. They use a variety of methods to estimate the value of a property, including analyzing location, size, condition, and recent sales of similar properties.
The US real estate appraisal market is a vital component of the US real estate industry, providing important information to a wide range of stakeholders, including buyers, sellers, lenders, investors, and government agencies. The market is primarily composed of independent appraisal firms and individual appraisers, who are licensed and regulated at the state level.
In recent years, the real estate appraisal market has seen major changes as technology has become increasingly crucial in the appraisal process.
Today, a lot of appraisers gather and evaluate information about properties using digital tools like aerial imaging, 3D modelling, and data analytics, which enables them to finish valuations more rapidly and precisely. The market is expected to grow at a CAGR of 4.24% over the projected period of 2023-2028.
Market Dynamics:
-- Growth Drivers: One of the key drivers of the market's expansion is the
growth in housing market. Nowadays people are preferring in possessing
their own house instead of staying along with parents. Despite high
selling prices and low home inventory, the sales of new houses in the US
increased in 2021. As the housing market grows, more people are buying
and selling homes, which increases the demand for appraisals. Appraisals
are needed to determine the value of a home for transactions such as
mortgages, refinancing, and property sales. This increase in the house
sales has given a hope to the US real-estate appraisal market as people
would go for the services of the appraisers before proceeding any
purchase activity to ensure the true price of the house. Rising housing
market is expected to continue in coming years and drive the real-estate
appraisal market. Other significant growth factors of the market
include, technology penetration in the appraisal industry, growing
addressable mortgage origination, improvement in communication between
parties, automation of data-gathering and increasing adoption of remote
online notarization and digital real estate transactions.
-- Challenges: However, some challenges are impeding the growth of the
market such as less appealing mortgage appraisal business, restricted
demand for appraisers based on the region, availability of alternative
processes, quality control issues, regulatory and audit compliance, and
shrinking supply of appraisers. The appraisal industry is aging. It has
been an on going challenge for a few years, but it is getting larger and
larger. There are more appraisers leaving the industry than joining the
industry. This is due to the fact that the process to become an
appraiser is long with little pay. Individuals need to get licensed as
an appraiser trainee and have a certified appraiser with them. Then,
they need to have about a year and a half of training hours.
-- Trends: The market is projected to grow at a fast pace during the
forecast period, due to growing senior housing momentum, fragmented
mortgage lenders market, improvement in logistical management of
appraisers, changes to licensing requirements, and availability of
on-site and report creation workflows. Logistical management of
appraisers is mainly handled by AMCs in the appraisal process, but
certainly some are better than others and have invested heavily in
solutions that improve the order management, appraisal scheduling, and
route efficiency solutions. For example, Solidifi (The US Real Matters
brand) has invested significantly to build out its capabilities in
network management. Specifically, the company is able to monitor the
efficiency of appraisers in real time (turnaround time and defect rates)
and routes more work to highly rated appraisers depending on their
current capacity. Thus, the improvement in logistical management of
appraisers overall improve the appraisal process which in turn
positively affect the industry.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has had a profound impact on the US real estate appraisal market. Appraisers have had to adapt to new safety protocols, including virtual inspections, which have led to delays in the appraisal process in the initial stags of pandemic.
Despite the short-term challenges posed by the pandemic, the post COVID outlook for the US real estate appraisal market looks positive. One of the most significant changes that the post-COVID real estate appraisal market is likely to see is an increased focus on technology in the US. The pandemic has accelerated the adoption of technology in the appraisal industry, with many companies investing in virtual and remote appraisal tools. These technologies have proven to be extremely valuable in the current environment, allowing appraisers to conduct evaluations without having to physically visit properties. As the pandemic continues to recede, it is likely that these technologies will become even more widely adopted and will continue to play a major role in the appraisal industry.
Competitive Landscape:
The US real estate appraisal market is is very fragmented. The market is likely to be lead by large national firms, but there are also many smaller regional and local firms, as well as independent appraisers, that compete within specific markets or regions. Companies and appraisers need to have a strong reputation for accurate and reliable valuations, as well as a good understanding of the local real estate market and the ability to adapt to changing market conditions. Additionally, companies that can offer additional services, such as technology solutions or data and analytics, may have an advantage over competitors who only offer traditional appraisal services.
The key players in the US real estate appraisal market are:
-- Real Matters, Inc.
-- Wells Fargo & Company
-- JP Morgan Chase & Co.
-- CBRE Group
-- Voxtur Analytics Corp
-- BGC Partners, Inc.
-- CoreLogic, Inc.
-- The Accurate Group
-- Clear Capital
-- ServiceLink
-- LRES Corporation
-- First Look Appraisals
Key Topics Covered:
1. Executive Summary
2. Introduction
3. The US Market Analysis
3.1 The US Real Estate Appraisal Market: An Analysis
3.1.1 The US Real Estate Appraisal Market: An Overview
3.1.2 The US Real Estate Appraisal Market by Value
3.1.3 The US Real Estate Appraisal Market by Appraisers Who Held 2 Or More Licenses/Certifications Outside Their Home State
3.1.4 The US Real Estate Appraisal Market by Number of Active Appraisers
3.1.5 The US Real Estate Appraisal Market Share by Licensed and Certified Appraisers
3.1.6 The US Real Estate Appraisal Market by Home Sales per Active Appraiser
3.1.7 The US Real Estate Appraisal Market by Employment Status (Sole Proprietor of Own Business, Employee or Staff Member of Firm, Executive of a Firm, Employee or a Staff Member in Government or Regulatory Agency & Others)
3.1.8 The US Real Estate Appraisal Market by Time in Profession (Less Than 1 Year, 1-2 Years, 3-4 Years, 5-9 Years, 10-14 Years, 15-19 Years, 20 Years or More, Never Worked in the Profession & Others)
3.1.9 The US Real Estate Appraisal Market by Primary Occupation (Residential Appraiser, Commercial Appraiser, Review Appraiser, Appraiser Supervisor, Chief Appraiser, Appraiser Trainee, Not Applicable & Others)
3.1.10 The US Real Estate Appraisal Market by Organization (Appraisal Services Firm, Bank or Lending Institution, Government Agency, Appraisal Management Company, Real Estate Services Firm, Financial Institution, Real Estate Brokerage Firm & None)
4. Impact of COVID-19
4.1 Impact of COVID-19 on the US Real Estate Appraisal Market
4.1.1 Appraisals Amidst COVID-19
4.1.2 Technological Innovations
4.1.3 Collaboration of Homeowners with Appraisers
4.1.4 Post COVID Scenario
5. Market Dynamics
5.1 Growth Drivers
5.1.1 Technology Penetration in the Appraisal Industry
5.1.2 Growth In Housing Market
5.1.3 Growing Addressable Mortgage Origination
5.1.4 Improvement in Communication between Parties
5.1.5 Automation of Data-Gathering
5.1.6 Increasing Adoption of Remote Online Notarization and Digital Real Estate Transactions
5.2 Challenges
5.2.1 Less Appealing Mortgage Appraisal Business
5.2.2 Restricted Demand for Appraisers Based on the Region
5.2.3 Availability of Alternative Processes
5.2.4 Quality Control Issues
5.2.5 Regulatory and Audit Compliance
5.2.6 Shrinking Supply of Appraisers
5.3 Market Trends
5.3.1 Growing Senior Housing Momentum
5.3.2 Fragmented Mortgage Lenders Market
5.3.3 Improvement in Logistical Management of Appraisers
5.3.4 Changes to Licensing Requirements
5.3.5 Availability of On-Site and Report Creation Workflows
6. Competitive Landscape
6.1 The US Real Estate Appraisal Market Competitive Landscape
6.2 The US Real Estate Appraisal Players by Market Share
6.3 The US Real Estate Appraisal Market Players: Competitive Analysis
7. Company Profiles
7.1 Real Matters Inc.
7.1.1 Business Overview
7.1.2 Operating Segments
7.1.3 Business Strategies
7.2 Wells Fargo & Company
7.2.1 Business Overview
7.2.2 Operating Segments
7.2.3 Business Strategies
7.3 CBRE Group, Inc.
7.3.1 Business Overview
7.3.2 Operating Segments
7.3.3 Business Strategies
7.4 Voxtur Analytics Corp.
7.4.1 Business Overview
7.4.2 Revenue by Nature of Service
7.4.3 Business Strategies
7.5 Newmark Group, Inc.
7.5.1 Business Overview
7.5.2 Revenue by Sources
7.5.3 Business Strategies
7.6 JPMorgan Chase & Co.
7.6.1 Business Overview
7.6.2 Operating Segments
7.6.3 Business Strategies
7.7 CoreLogic Inc.
7.7.1 Business Overview
7.7.2 Business Strategies
7.8 Accurate Group
7.8.1 Business Overview
7.8.2 Business Strategies
7.9 Clear Capital
7.9.1 Business Overview
7.9.2 Business Strategies
7.10 ServiceLink
7.10.1 Business Overview
7.10.2 Business Strategies
7.11 LRES Corporation
7.11.1 Business Overview
7.12.1 Business Overview
For more information about this report visit https://www.researchandmarkets.com/r/g9fx4y-us-real?w=5
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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